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The GBP/USD pair ended its leg higher at 1.2557 and now it has turned to the downside and is located at 1.2477 at the time of writing. The Dollar Index's rally helped the USD to take the lead versus its rivals.
Fundamentally, the UK CBI Industrial Production Order Expectations came in at -35 points versus -25 points expected. Earlier, the US Unemployment Claims came in better than expected, white Durable Goods Orders and Core Durable Goods Orders reported poor data. Still, the Revised UoM Consumer Sentiment came in at 61.3 points above the 61.1 points expected and compared to the 60.4 points estimated, that's why the USD could appreciate.
Technically, the currency pair failed to retest the Rising Wedge's upside line signaling exhausted buyers. Now, it has registered an aggressive breakdown through the confluence area formed at the intersection between the uptrend line with the 1.2504 static support.
Still, after this sell-off, we cannot exclude a temporary rebound as the rate could come back to test and retest the broken uptrend line.
Now, it challenges the former low of 1.2468, a bearish closure below activates more declines and is seen as a selling opportunity.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
